Oct 2, 2024 | QA
Question: “What are the hidden costs of buying a home or condo?”
Our Answer:
In the excitement of finding your island home, keep these costs in mind:
- Inspections. An inspection by a licensed home inspector is key to any home or condo purchase. This will inform you as to the condition of the home or condo so that you better understand what you are buying. The owner will disclose anything they are aware of, but an inspector will give you a full detailed report. For a home or land, you will want a survey done. Often an appraisal is needed.
- Association fees. Condos have have HOA fees associated with them. Some homes do, too. These fees will be pro-rated for the year at closing.
- Maintenance, repairs, and decorating. Your monthly budget responsibilities could include landscaping, pool maintenance, pest control, garbage pickup, cable TV, and internet. There might be a few minor things for you to repair after closing. Also, you will want to make your new home YOURS. So, budget for decor, paint, landscaping, furniture, or anything else you may want to change. Sometimes just adding new decorative pillows will change the look of your living room and make it more personal!
- Utility bills. Don’t let budgeting for utilities get lost in your excitement. Think about the energy you will be using (water, electricity, AC, pool, washer/dryer, etc.), and add that to your monthly budget.
- Closing costs, prepaid fees and appraisal: If you are getting a loan, it does cost money. Plan on paying for your loan to be processed along with an appraisal fee. Closing costs and prepaid fees generally range between 3% – 5% of the purchase price.
Contact us with any questions about real estate on St. Croix!
Aug 7, 2024 | Island News
In this recent op-ed article in the VI Consortium, the USVI Hotel & Tourism Association (USVIHTA) expresses its full support of the plans for essential and long-needed improvements to the airport experience on St. Thomas and St. Croix and provided information on the private/public partnership plans. We find the statistics provided by this op-ed piece to be very interesting. It indicates that the Cyril E. King Airport (CEKA) in St Thomas was built to process 600,000 arriving and departing passengers a year. In 2022, more than 1.65 million passengers used the terminal. Although the numbers were down in 2023, arrivals of 285,150 passengers through April 2024 are 26.2% higher year over year. The CEKA terminal was last updated in 1989. We are glad to see the HERA domestic lounge enhancements in 2021, but the Henry E. Rohlsen Airport (STX) terminal has not been updated since 2000 according to the article.
Living on St. Croix, we have noticed an increased number of visitors. Tourism is an important part of the local economy and the redevelopment and modernization of the USVI’s airports are good news for the territory. The airports are a gateway for travelers, both tourists and residents alike. We are excited at the prospect of enhancements that will better the travel experience for everyone. We recommend you to read the full article here.